It's all about the share price

The PCCW and Telstra deal should be seen as an attempt to push through the takeover of C&W HKT.

The press release said it all. The strategic alliance is subject to a number of preconditions including the successful completion of the acquisition by PCCW of Cable and Wireless HKT.

But looking at the massed ranks of the media, analysts and company executives from Telstra, PCCW and Cable Wireless HKT, you wouldáhave thought that PCCW and Cable Wireless HKT had already merged. Far from it.